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The sell-off of Royal Mail is to formally begin with the publication of an
Intention to Float notice on the London Stock Exchange as early as this
morning.

The start of the privatisation process, which is expected to value the
state-owned postal network at between £2.5 billion and £3 billion, will put
the float on a timetable that could clash with the biggest industrial action
at Royal Mail in years.

The Intention to Float is likely to announce how many shares in Royal Mail are
going to be created. It should indicate how many of those shares will end up